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ModoLoan Review

Dena Standley | November 14, 2023

Dena Standley
Legal Expert, Paralegal
Dena Standley, BA

Dena Standley is a seasoned paralegal with more than 20 years of experience in legal research and writing, having received a certification as a Legal Assistant/Paralegal from Southern Technical College.

Edited by Hannah Locklear

Hannah Locklear
Editor at SoloSuit
Hannah Locklear, BA

Hannah Locklear is SoloSuit’s Marketing and Impact Manager. With an educational background in Linguistics, Spanish, and International Development from Brigham Young University, Hannah has also worked as a legal support specialist for several years.

Summary: ModoLoan is a legitimate business that matches loan seekers to lenders for a commission. There is little information about the lenders ModoLoan works with, so you should do your research before enrolling in any of its services. If you’re struggling with debt, SoloSuit can help you resolve it.

Personal loans can help consumers meet urgent financial needs. In the age of digital lending, it's easier than ever to get approved for a loan. But as the number of lenders has skyrocketed, it is becoming harder for consumers to identify legitimate loan offers.

ModoLoan connects consumers to real lenders and helps people get approved for loans, typically ranging from $250 to $3000, in minutes.

ModoLoan has no part in the debt collection process, nor does it accept any responsibility for the agreements between consumers and lenders. If you have taken out a loan through ModoLoan’s website and fail to repay it according to the terms and conditions in your agreement, the lender will reach out to you to collect a debt.

So, if you are considering using ModoLoan’s service, proceed carefully with any lender and remember that ModoLoan is no longer part of the process once you accept the loan.

Respond to debt collectors with the help of SoloSuit.

How does ModoLoan work?

ModoLoan is a legit fintech company that makes it easy for consumers to start the borrowing process. To get started, consumers follow the following steps:

  1. Fill out a simple online application
  2. Get a quick decision from lenders
  3. Sign the paperwork and receive your funds, usually within 24 hours

While it sounds easy, there is no guarantee about the reputation of the lender offering your loan. It is critical that you research any potential lender and carefully examine the terms of the loan.

The service is free to consumers, meaning the commission is paid by lenders. However, that essentially means the costs of the service are being passed on to you in the conditions of your loan.

Here’s an example of how ModoLoan works, taken directly from its website:

ModoLoan is concerning in that there is little information about the company or the lenders they work with available online. SoloSuit recommends using caution if you decide to use this loan matching service.

Is Modoloan legit?

Yes, ModoLoan is legit, but there are some things you should know about the company before enrolling in any of its services.

First, there is little information about the company available online. Trusted sites such as the Better Business Bureau (BBB) and Trustpilot do not have the company listed. There is also a startling need for more information about the company on its own website. There is no address or phone number available.

The terms and conditions on the website list Ping Yo, Inc. as “the company.” Ping Yo is located at 134 Ne 1st Ave, Ste 3, Delray Beach, FL 33444-3713. The phone number is (954) 347-0608. Like ModoLoan, there is no mention of Ping Yo on trusted sites like Trustpilot. The BBB does not accredit it, nor are there any consumer reviews available.

Ping Yo is an online lead generation network. According to the Federal Trade Commission (FTC), online lead-generation networks often traffic in personal data.

Remember, any loan application you fill out for ModoLoan is laden with personal data that can then be sold to third parties. There are no allegations that ModoLoan sells personal information without your consent. However, with so little known about the company, the FTC warning about lead-generation networks should cause pause and consideration.

There are safer and more transparent personal lending services. Learn about those below.

Alternatives to ModoLoan

NerdWallet has an A+ accreditation from the BBB and offers a loan-matching service to help you find the right loan for your needs. The lenders are typically well-known with transparent lending practices. Some examples of lenders include:

  • Discover
  • Upstart
  • SoFi
  • Upgrade
  • Prosper

LendingClub is another well-known loan matching service to explore. Loan amounts start at $1,000. It also carries an A+ accreditation by the BBB. However, consumers should be aware that the BBB has issued a current alert for the business centered around their promise of “no hidden fees.” Without any admission of wrongdoing, LendingClub agreed to pay $18 million to the FTC to settle the charges. In addition to the $18 million in fees, LendingClub is barred from making any misrepresentations to future loan applicants.

Regardless of the lender you choose, be sure to do thorough research and read the proposed loan documentation carefully before you take out any small quick loans, However, if you are exploring a loan in order to take care of pressing debts, you may have a better alternative.

SoloSuit is a trusted source to resolve debt and settle any debt disputes. If you are seeking a loan to pay off debts, you might want first to consider attempting to settle your debt.

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Watch the following video to learn how SoloSuit can help you settle a personal loan debt:

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